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Strategy Development

Strategy Development Process

Needs Assessment

The first step in your consultation begins with a needs assessment.  We begin with a series of planning meetings with your management team. These meetings are used to identify specific items and issues within your plans that are working well and those areas where changes may be needed.  Through probing questions and careful listening, we will identify your benefit program philosophy and requirements. Specific items of discussion include:

  • Current and past plan performance
  • Alternative evaluations
  • Plan design review
  • Carrier network evaluation
  • Carrier service issues and outstanding items
  • Budget planning
  • Compliance review
  • Enrollment process and method
  • COBRA/HIPAA needs
  • HR Technology tools
  • Payroll tools and integration

Using the information identified during initial planning meetings and interviews, we will develop a clear understanding of your risk and resource management philosophy and requirements.

Strategy Development

Once your firm’s needs assessment is complete, the consulting team, in partnership with your planning team, will evaluate this information to develop a strategic plan that will serve as a guide for the next 3 to 5 years.  By defining objectives and developing an action plan based on meeting those objectives, you’ll have an organized, comprehensive approach to fulfilling your benefits needs. Strategic planning also shields your plan from becoming obsolete as new trends and market factors emerge, and can help with budgeting and long-term cost management.

The development process includes an evaluation of all your plan’s characteristics, such as access, service and price, to ensure a proper balance is achieved.  The plan will also include a calendar of periodic reviews with your management team to ensure your objectives are met.

As part of the strategic plan development, Compass Consulting Group conducts a market analysis using our industry-leading benchmarking platforms specific to your company’s needs (the formal RFP process) and carrier proposal evaluation as it relates to cost/plan design and negotiations.  With leading-edge technology, we’re able to obtain meaningful information that helps us evaluate cost drivers, trends and savings opportunities. We’ll measure the competitive value of your program against peers of like industry and size on a national, regional and local level.  In doing so, you’ll possess actionable data to identify on program improvement, talent retention and recruitment opportunities.  We incorporate this data into your company’s strategy to help you become more competitive and position you toward achieving your objectives.

Finally, we incorporate technology assessment as part of our evaluation. Significant savings and efficiency gains can be supplied by the right HR technology.  Whether you need a simple but solid, online benefits enrollment system, or a more complex, fully-integrated HR technology solution, our HR technology consultant will help you streamline your employee benefits administration so that you can achieve “more with less”.

Plan Approval

After your needs assessment and market analysis is complete, our dedicated consulting team will provide your company a strategic plan detailing the recommendations for your employee benefits.   In addition, we’ll develop a strategic action project plan and timetable, highlighting the next steps in the plan implementation process.  Our transition team will meet with you regularly to review plan progress and ensure objectives are met.

Carrier Negotiation

After completing our analysis, we’ll use the results and benchmarking information to negotiate more favorable renewal terms with carriers.  Due to our vast experience and unique access to underwriting and actuarial services, we are often able to provide our clients with renewal terms that are typically more financially sound and stable year-over-year than those found in the open market.

Plan Approval

Once the plan has been finalized and approved, Compass Consulting Group will be onsite at your organization to conduct group employee meetings.  As a client, you will be assigned two senior-level consultants who will personally work with your company.  Your team will be available during the enrollment process to assist employees with benefit questions and plan evaluation, as well as completion of enrollment forms.  We work closely with the human resources department to collect all required forms, and then handle the processing with carriers. Compass Consulting is involved in each step of the implementation process to ensure that once the enrollment is complete, employees are correctly enrolled and have complete to access to all their services.

Continuous Plan Management

When the renewal or enrollment process has ended, your consulting team will conduct scheduled periodic reviews of plan performance and measure it against the benchmarks identified in the planning process.  We provide you with tools that provide timely data, easy-to-read reports and comparative benchmarks. This highly meaningful yet understandable information enables us to work together with your data in a continuous, interactive manner as plan management issues arise.

In addition, your dedicated account manager will support the day-to-day operations of your account.  Your manager is available to assist with any issue or question, from helping an administrator with enrollment changes to answering employee questions about benefits.  Furthermore, all our support staff is cross-trained, so someone is always available to provide assistance.  At Compass, we strongly believe that our job is to make your job easier – and our support teams make that happen.